Entrepreneurial activity declined in 2012 across the United States. The number of businesses created per month fell by about 29,000 compared to the year before, and the Midwest was the weakest region.

Roughly 150 out of every 100,000 Minnesotans is an entrepreneur, according to the report. The U.S. average, 300 per 100,000, is double Minnesota's rate.

What this means is complicated. Dan Carr, who runs the Collaborative, a group that helps growing companies get bigger, said Minnesota has done poorly in past Kauffman surveys. Also, the medtech sector, which moves slowly even in good times, is weak.

Patrick Steele, a Minneapolis guy on Twitter, had another theory for the low ranking:

@adambelz Us Scandihoovians don't want to intrude on the market place and be an inconvenience.

What are the forces moving the Minnesota economy? Adam Belz tries to identify the trends and show the connections between Minnesota and the larger U.S. and global economies. You can connect with him on Twitter: @adambelz